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Protection of Rights of the Parties of the Agreement Provided by Smart-Contract: Arbitrability

K.V. EGOROV, 
Candidate of Legal Sciences, Associate Professor of the Department 
of Civil Law of the Kazan Federal University 

M.V. FETYUKHIN, 
Candidate of Legal Sciences, Associate Professor of the Department of Environmental, 
Labor Law and Civil Procedure of the Kazan (Volga Region) Federal University 

Authors of the article discuss the possibility of arbitration in the sphere of the use of smart contracts (computer algorithms that allow to conclude and execute commercial transactions on the basis of the blockchain system). There is an opinion that the transactions realized in this way are devoid of any ground for the conflicts of the parties. Authors hold a different opinion; according to axiomatic opinion of legal science, illegal actions will exist as long as there is a society. As practice shows, the sphere of exchange of digital values including smart contracts have conflicts and illegal actions, too. Till nowadays there are not many successful dispute settlements made by program tools, usually we need interference of an arbiter or state court, so, robot lawyers cannot compete with people for now. An effective dispute resolution mechanism within the digital community is required. Authors give examples of arbitration courts that use remote consideration of disputes in foreign countries and comes to conclusion that the existing arbitrations do not fully satisfy the requirements of the participants of the digital community for the methods, quality and speed of conflict resolution. Authors justifie the effectiveness of creating a specialized arbitration court to resolve disputes arising between parties to smart contracts. 

Keywords: blockchain; arbitration; arbitration courts; smart contract; dispute resolution. 

References 

Bondarenko D.D. Virtual’nye valyuty: sushchnost’ i bor’ba s ikh ispol’zovaniem v prestupnykh tselyakh (na primere SShA) [Virtual Currencies: The Essence and the Fight Against Their Use for Criminal Purposes (in Example USA)]. Mezhdunarodnoe ugolovnoe pravo i mezhdunarodnaya yustitsiya = International Crime Law and International Justice, 2015, no. 6. (In Russian) 
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Chohan U. Initial Coin Offerings (ICOs): Risks, Regulation, and Accountability (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3080098). Durkheim E. Metod sotsiologii [Method of Sociology]. In Dobrenkov V.I. (ed.). Zapadno-evropejskaya sotsiologiya XIX – nachala XX vekov [Western European Sociology of XIX – XX Centuries]. Moscow, 1996. (In Russian)
Savel’ev A.I. Nekotorye pravovye aspekty ispol’zovaniya smart-kontraktov i blokcheintekhnologij po rossijskomu pravu [Some Legal Aspects of Using Smart-Contracts and Blokchain Technology under Russian Law]. Zakon = Law, 2017, no. 5. (In Russian)
Sidorenko E.L. Kriminal’noe ispol’zovanie kriptovalyuty: mezhdunarodnye otsenki [Criminal Use of Crypto Currency: International Estimates]. Mezhdunarodnoe ugolovnoe pravo i mezhdunarodnaya yustitsiya = International Crime Law and International Justice, 2016, no. 6. (In Russian) 
Szabo N. Umnye kontrakty (Chetvertaya revolyutsiya stoimosti) [Clever Contracts (Fourth Value Revolution)] (http://old.computerra.ru/1998/266/194332/). (In Russian) 
Tyul’kanov A.L. Smart-kontrakty – dogovory ili tekhnicheskie sredstva? [Smart Contracts – Contracts or Technical Means?] (https://zakon.ru/blog/2017/04/07/smart-kontrakty__ dogovory_ili_tehnicheskie_sredstva). (In Russian) 

Information about the authors 

Egorov K.V. (Kazan, Russia) – Candidate of Legal Sciences, Associate Professor of the Department of Civil Law of the Kazan Federal University (420008, Kazan, Kremlyovskaya St., 18; e-mail: ke@law-kazan.ru); 

Fetyukhin M.V. (Kazan, Russia) – Candidate of Legal Sciences, Associate Professor of the Department of Environmental, Labor Law and Civil Procedure of the Kazan (Volga Region) Federal University (420000, Kazan, Kremlyovskaya St., 18, e-mail: Marat. Fetukhin@ksu.ru). 

Recommended citation 

Egorov K.V., Fetyukhin M.V. Zashchita prav storon dogovora, oformlennogo posredstvom smart-kontrakta: vozmozhnosti arbitrirovaniya [Protection of Rights of the Parties of the Agreement Provided by Smart-Contract: Arbitrability]. Вестник гражданского процесса = Herald of Civil Procedure, 2018, no. 1, p. 102–109. (In Russian) DOI: 10.24031/2226-0781-2018-8-1-102-109

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K.V. Egorov, M.V. Fetyukhin